HomeMy WebLinkAbout1983-OR-31AN ORDINANCE CONSENTING TO CERTAIN ACTIONS
APPLICABLE TO THE CITY OF JEFFERSONVILLE ECONOMIC
DEVELOPMENT MORTGAGE REVENUE BONDS (DONALD D.
DENNIS PROJECT) AND OTHER DOCUMENTS RELATED
THERETO
WHEREAS, the Common Council of the City of jeffersonvitle (the
"Council") has heretofore adopted Ordinance No. 80-OR-43 on September 2,
1980, authorizing the issuance of the City of Jeffersonville Economic
Development Mortgage Revenue Bonds (Donald D. Dennis Project) (the "Bonds"),
and the entering into by the City of Jeffersonville (the "Issuer") in a Loan
Agreement dated as of August 1, 1980 (the "Loan Agreement"), between the
Issuer and Donald D. Dennis ("Dennis") and a Mortgage and Indenture of Trust
(the "Indenture"), dated as of August 1, 1980, among the Issuer, Dennis and
Citizens Bank & Trust Company, jeffersonville, Indiana, as Trustee (the
"Trustee"); and
WHEREAS, the Company wishes to assign the Loan Agreement, the Project
financed thereunder, the Indenture and the Note to Senor Jeff's Real Estate
Partnership, an Indiana partnership; and
~MEREAS, Dennis is requesting the Issuer and the Trustee to approve
such transfer and to amend the Loan Agreement and Indenture for that purpose;
and
WHEREAS, the Jeffersonville Economic Development Commission has
recommended the approval of and consent to such transfer and amendment.
NOW, THEREFORE, BE 1T ORDAINED BY THE COMMON COUNCIL' OF THE CITY OF
JEFFERSONVILLE, INDIANA, AS FOLLOWS:
Section 1. The Issuer approves the transfer of Dennis' interest in the
Loan Agreement, the Project, the Note and the Indenture, subject to the terms
and provisions of the Assignment and Assumption Agreement attached hereto.
Section 2. The Mayor of the City of Jeffersonville and Clerk-Treasurer
be and they are hereby authorized and directed in the name of and on behalf
of the Issuer, to execute any and all instruments, perform any and all acts,
approve any and all matters, and do any and all things deemed by them, or any
of them, to be necessary or desirable in order to carry out the purposes of
this Ordinance (including the preambles hereto).
Section 3. This Ordinance shall be in force and effect from and after
its adoption and approval as provided by law. This Ordinance shall
constitute a contract between the Issuer and the holder of the Bonds.
This Ordinance was adopted by the Common Council of the City of
jeffersonville, Indiana, on the ,j~.~ .. day of September, 1983.
~ichard' L. Vissing, ~ffic 7
Attest:
C. Ri~chard Spencer, J~, Cler~rea~urer